Question

Find the compound interest on ₹ 10,000 for 3 years at 7% per annum.​

Answer 1

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

For Ist year

Principal (P) = Rs. 10,000

Rate (R) = 7%

Time (T) = 1 year

∴ Interest = (10,000 × 7 × 1)/100 = 100 × 7 = Rs. 700For Ist year

For 2nd year

P = Rs. 10,000 + Rs. 700 = Rs. 10,700

Rate (R) = 7%

Time (T) = 1 Year

∴ Interest = (10,700 × 7× 1)/100 = Rs= 749

For 3rd year

∴ P = Rs. 10,700 + Rs749. = Rs. 11449

R = 7%

T = 1 Year

∴ Interest = (11449× 7× 1)/100 =

= Rs.801.43

∴ Amount = Rs. 11449+801.43 = Rs. 12250.43

Hence required amount = Rs. 12250.43

∴ Compound interest

= Rs. 12,250.43−10,000

= 2250.43

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